Principles of Management
Final Exam Questions
Course Introduction
Principles of Management introduces students to the fundamental concepts and functions of management, including planning, organizing, leading, and controlling within organizations. The course explores essential managerial roles and responsibilities, decision-making processes, organizational structure, and strategies for effective communication and leadership. Emphasis is placed on the development of critical thinking and problem-solving skills necessary for managers in a dynamic business environment, as well as the impact of ethical, global, and technological considerations on effective management practices.
Recommended Textbook
Business A Changing World 8th Edition by O.
Available
C. Ferrell
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Page 2
Chapter 1: The Dynamics of Business and Economics
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Q1) A severe recession may turn into a depression.
A)True
B)False
Answer: True
Q2) ____ have both tangible and intangible characteristics.
A)Products
B)Services
C)Businesses
D)Stakeholders
E)Organizations
Answer: A
Q3) Thomas Edison was an American entrepreneur.
A)True
B)False Answer: True
Q4) Monopolistic competition exists when there is only one producer of a product in a given market.
A)True
B)False Answer: False
Page 3
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Chapter 2: Business Ethics and Social Responsibility
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Q1) Studies have found a direct link between social responsibility and _________ in business.
A)profitability
B)ethics
C)declining stock prices
D)happiness of stakeholders
E)global Warming
Answer: A
Q2) A code of ethics represents ____________ rules and standards of what a company expects of its employees.
A)team
B)impoverished
C)authority-obedience
D)formalized
E)situational
Answer: D
Q3) Without employees,a business cannot carry out its goals.
A)True
B)False
Answer: True
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Chapter 3: Business in a Borderless World
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Q1) Direct investment is the least risky and least expensive way to participate in foreign trade.
A)True
B)False
Answer: False
Q2) Nations trade with other nations to obtain resources that would otherwise be unavailable to them.
A)True
B)False
Answer: True
Q3) All multinationals are American firms.
A)True
B)False Answer: False
Q4) Globalization refers only to products,not promotion or distribution.
A)True
B)False
Answer: False
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Chapter 4: Options for Organizing Business
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Q1) The legal documents that identify the basic agreements between partners are called A)proposals of partnership.
B)a partnership charter.
C)agreements of partnership.
D)articles of partnership.
E)a partnership contract.
Q2) A sole proprietorship has limited sources of funds,which may affect the growth of the business.
A)True
B)False
Q3) The type of ownership that has the ability to raise capital most easily is a A)public corporation.
B)private corporation.
C)sole proprietorship.
D)general partnership.
E)limited partnership.
Q4) What are sole proprietorships? Provide an example.
Q5) What is a vertical merger and why would a firm attempt one? What are the benefits?
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Chapter 5: Small Business, Entrepreneurship, and Franchising
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Q1) Large firms avoid entrepreneurship.
A)True
B)False
Q2) Many service businesses are considered retailers because they
A)sell small quantities of goods.
B)sell their services to consumers.
C)sell from a single store location.
D)open their businesses for the same hours that most retailers are open.
E)employ only a small number of people.
Q3) In recent years,small businesses generated very few new jobs in the U.S.
A)True
B)False
Q4) One of the major reasons people want to own and operate their own business is to A)make a fortune.
B)be their own boss.
C)have complete freedom.
D)have an easy life.
E)eliminate all pressure.
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Q5) What demographic trends will have the most impact on small business in the future?
Chapter 6: The Nature of Management
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Q1) When Karen allows her employees to do their work with little interference,her leadership style is
A)democratic.
B)republican.
C)autocratic.
D)free-rein.
E)analytical.
Q2) A(n)________ leadership style is best for stimulating unskilled or unmotivated employees.
A)bureaucratic
B)democratic
C)free-rein
D)autocratic
E)inclusive
Q3) Free-rein leaders allow their employees to work without much interference.
A)True
B)False
Q4) A chief executive officer is a middle manager.
A)True
B)False
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Chapter 7: Organization, Teamwork, and Communication
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Q1) Flat organizations have narrow spans of management.
A)True
B)False
Q2) Which of the following organizational forms is most likely to be complex and expensive?
A)Line structure
B)Functional structure
C)Line-and-staff structure
D)Matrix structure
E)Committee
Q3) A wide span of management is best when a manager and subordinates are not in close proximity.
A)True
B)False
Q4) Which of the following is an informal communication channel?
A)Leaflets
B)Telecommunications
C)Job descriptions
D)Grievances
E)The grapevine
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Chapter 8: Managing Service and Manufacturing Operations
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Q1) Different kinds of transformation processes take place in organizations that provide services.
A)True
B)False
Q2) What is sustainability and how does it impact manufacturing?
Q3) In a nonprofit organization like Habitat for Humanity,inputs such as money,materials,information,and volunteer time and labor are used to transform raw materials into homes for needy families.
A)True
B)False
Q4) Materials that have been purchased to be used in making other products are included in
A)finished inventory.
B)partial inventory.
C)raw materials inventory.
D)supplier inventory.
E)components parts inventory.
Q5) Service businesses cannot incorporate quality standards. A)True
B)False
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Chapter 9: Motivating the Workforce
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Q1) What were the Hawthorne Studies?
Q2) While trying to determine the effects of lighting and noise on workers' productivity,which of the following found that social and psychological factors could significantly affect productivity?B.F.Skinner Elton Mayo and a team of researchers from Harvard University wanted to determine what physical conditions in the workplace-such as light and noise levels-would stimulate employees to be most productive.
A)Frederick Taylor
B)Elton Mayo
C)Abraham Maslow
D)Victor Vroom
Q3) What is Theory Z? How does it differ from Theory X?
Q4) Which of the following is not a flexible scheduling strategy?
A)Flextime
B)Job sharing
C)Job enrichment
D)Compressed workweek
E)Telecommuting
Q5) What is Herzberg's Two-Factor Theory? Define hygiene and motivational factors.
Q6) What are the five basic needs of human beings as theorized by Abraham Maslow?
Page 11
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Chapter 10: Managing Human Resources
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Q1) Designing a fair compensation plan for employees is important because wages and salaries represent a substantial portion of an organization's expenses.
A)True
B)False
Q2) A job description is a written description of the qualifications necessary for a specific job.
A)True B)False
Q3) What are some of the potential problems that must be dealt with after an organization experiences a major trauma such as massive layoffs?
Q4) Recruiters can find internal sources of applicants outside the firm.
A)True
B)False
Q5) Human resources departments strive to
A)minimize promotions and transfers.
B)maximize losses due to separations and transfers.
C)minimize losses due to separations and transfers.
D)maximize separations and transfers.
E)none of the above.
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Chapter 11: Customer Driven Marketing
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Q1) What are some of the marketing strategies auto manufacturers use to stimulate sales of certain makes of automobiles?
Q2) If a company markets to a segment of people who have a certain lifestyle,the type of segmentation being used is
A)behavioristic.
B)geographic.
C)topographic.
D)psychographic.
E)demographic.
Q3) Salt,sugar,and many agricultural products are sold using which of the following approaches?
A)Concentration
B)Total-market
C)Multi-segment
D)Universal
E)Focused
Q4) Attitude is a social variable of buying behavior.
A)True
B)False
Q5) What is marketing?
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Chapter 12: Dimensions of Marketing Strategy
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Q1) All of the following activities are associated with warehousing goods except A)receiving.
B)identifying.
C)producing.
D)dispatching.
E)storing.
Q2) When Snapple uses viral ads on the Internet to introduce its new beverage to consumers before introducing it to supermarkets,it uses
A)a push strategy.
B)a pull strategy.
C)a publicity campaign.
D)a point-of-purchase promotion.
E)push and pull strategies.
Q3) Retailers generally buy from producers or from other wholesalers and sell to other retailers but not ultimate consumers.
A)True
B)False
Q4) What are your suggestions for implementation of the marketing strategy?
Q5) Why are wholesalers an important part of many marketing channels?
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Chapter 13: Digital Marketing and Social Networking
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Q1) Illegal sharing of Internet content is not a major intellectual property problem.
A)True
B)False
Q2) What is NOT a popular service offered by social networking sites?
A)Download music
B)Send emails
C)Play games
D)Manage your grocery bill
E)Upload photos Social networking sites allow users to perform a variety of actions and offer a selection of services-but so far do not help people balance their grocery budgets.
Q3) The characteristic of addressability means digital communication allows consumers to find information about competing products,prices,and reviews and become more informed about a firm and the relative value of its products.
A)True
B)False
Q4) How have technological advances in the Internet and information technology changed the environment for business?
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Chapter 14: Money and the Financial System
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Q1) Liquidity is judged by how easily an asset can be turned into cash.
A)True
B)False
Q2) Budgets are valuable tools because they break down cash inflows and outflows to help individuals and organizations clearly see where financial problems may lie.
A)True
B)False
Q3) All business transactions can be classified as assets,liabilities,or owner's equity.
A)True
B)False
Q4) Income statements show revenue,expenses,and income over a period of time.
A)True
B)False
Q5) Bookkeeping is only one aspect of accounting and involves the recording of routine,day-to-day business transactions.
A)True
B)False
Q6) Discuss the limitations of ratio analysis.
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Chapter 15: Accounting and Financial Statements
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Q1) In general,the longer the term of a certificate of deposit,the A)less safe it is.
B)higher its interest rate.
C)lower its value.
D)lower its interest rate.
E)higher its inflation rate.
Q2) Money market funds are a form of mutual fund that
A)invests in short-term debt securities issued by governments and corporations.
B)dispenses cash and allows balance inquiries.
C)buy and sells stocks,bonds,and other securities and provide other services.
D)is set aside by corporations to provide retirement income.
E)protects clients against financial losses from certain specified risks.
Q3) Which of the following actions did the Federal Reserve not take during the most recent financial crisis to stave off economic collapse?
A)Paid interest in reserve banks kept by the Fed
B)Lowered key interest rates
C)Allowed most troubled banks to fail
D)Purchased troubled assets from banks
E)Lent money at discount rates to nonbanking institutions
Q4) What are the three functions of money?
Page 17
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Chapter 16: Financial Management and Securities Markets
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Q1) The last in line for the payment of profits are the A)bondholders.
B)common stockholders.
C)preferred stockholders.
D)government.
E)customers.
Q2) What are some management techniques applied to current liabilities that Glasspray might use to improve its working capital position?
Q3) Commercial paper is issued by large companies and backed by collateral. A)True
B)False
Q4) The par value is the dollar amount printed on a stock certificate. A)True
B)False
Q5) What part of its business does Glasspray have a difficult time managing?
A)Sales
B)Marketing
C)Its staff
D)Current assets and liabilities
E)Maintaining profitability
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